Swiss Watch Exports Plunge as Chinese Demand Dries Up
- Shipments to mainland China dropped 50% in September
- Swiss luxury industry has complained about the strong franc
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Swiss watch exports fell sharply in September as shipments to China dropped by half, putting more pressure on the European country’s struggling luxury sector.
Exports of Swiss timepieces and watch movements declined by 12.4% overall to about 1.9 billion Swiss francs ($2.2 billion) in value, with China’s imports down 50%, the Federation of the Swiss Watch Industry said in a statement Thursday.